As the online lending landscape continues to evolve, the way lenders handle risk management is changing. In the face of pervasive fraud attempts, more online lenders are realizing the critical need for innovative online lending decisioning platforms that examine risk from every angle.
Decisioning Platforms in Online Lending
Staying ahead of fraud means leveraging data to evaluate risk. Today, it also means investing in new, alternative data that provides a full picture of who a customer is, and verifies their identity to improve online lending decisions. However, having “all the data in the World” is not useful in helping make decisions, unless the proper systems are in place to actually understand and harness that data.
Online lending decisioning platforms that leverage diverse data are key to improving customer experiences for high quality applicants by reducing friction and speeding up the application and approval process. For online lenders, this is also a way to lower first payment default rates by flagging high risk applications for extra review to prevent fraud. What’s more, alternative data sources help to lower the cost per funded loan by improving loan quality and reducing spending on credit data for risker applications.
But it’s not just about any online lending platform because the old paradigm where you took a score from a bureau and accepted or rejected an applicant is just that, old. Data trends today demand much smarter decisions and lenders should look for tools that allow for more nuanced approaches to data. Whether your team is targeting rules based decisions, score cards, or machine learning algorithms, it’s important to find a decision partner that can accomodate your strategy.
Key Platforms To Consider
While alternative data is valuable, it’s useless without a tool that can ingest that data to automate the verification and decisioning process. Luckily, online lenders aren’t alone and have options when it comes to implementing a decisioning platform. One of the most seamless solutions is a direct integration to a proven, flexible platform. Case in point: Whitepages Pro offers API integration built into several online lending decisioning platforms that make it easy to turn on and quickly access new data.
Key platforms, like Lead Envy, give lenders the power to control the lead buying process. Or GDS Link, which offers online lenders risk management and workflow automation solutions that follow the entire credit life-cycle.
Make Your Portfolio More Profitable
Contact us today to learn how Whitepages Pro data can help to make your portfolio more profitable. Our experts can discuss your current decision tools, process, and platform and how it may be improved with current our global identity verification solutions. Whitepages Pro API allows flexible integration into your business systems, be they proprietary, or from one of our trusted partners.
We work with you to conduct a comprehensive evaluation of historical application data and performance outcomes, and provide tailored analyses and custom rule recommendations to improve decision making. By identifying quality leads, boosting conversion rates, and preventing fraud loss, our teams are proven experts in increasing portfolio profitability on all levels.